Argentine government and YPF clash over the company’s dividends policy
The relationship between the Argentine Government and the Spanish Repsol-YPF oil company continues to strain in spite of recent announcements and contacts to try and cool the situation.
On Thursday, Argentine government officials were allowed to attend the company’s board meeting but they opposed approving the minutes and 2011 financial reports for considering that “they do not reflect correctly the company’s current economic and financial situation.”
The meeting took place in the YPF headquarters, in Puerto Madero, Buenos Aires. Present were Argentine Energy Secretary Daniel Cameron, Deputy Economy Minister Axel Kiciloff – none of them members of the board – and board member and Government representative Roberto Baratta.
Last February 23rd the three officials tried to access the board meeting but were not allowed to do so.
During the meeting, the Government delegates motioned to suggest the YPF stockholders’ assembly that all 2011 profits that are yet to be distributed are used to create an additional reserve for investment, exploration and exploitation of hydrocarbons.
Despite the Government’s disapproval, the financial reports were approved in a meeting presided by YPF and Repsol CEO Antonio Brufau via videoconference.
Earlier in the week YPF appealed in court a resolution from Argentina’s Securities Exchange Commission which contested the previous board meeting.
In the ruling the Commission declared “irregular and ineffective” the conclusions and decisions adopted by the YPF board in its 23 February meeting arguing that it does not seem “justified” to leave out of the meeting the Argentine government representatives who formally hold seats.
Suggested Stories
-
May 16th 2013
Chevron agrees to invest 1.5bn dollars in developing YPF shale field in Patagonia
-
May 18th 2013
Venezuelan oil monopoly in joint ventures with Chevron and China Petroleum
-
May 18th 2013
“Blue” dollar in Argentina picks up in last day of trading and reaches 8.95 Pesos
-
May 17th 2013
Argentina’s ‘autarkic project’ worsens bilateral relations and multiplies problems
39 comments Feed
Note: Comments do not reflect MercoPress’ opinions. They are the personal view of our users. We wish to keep this as open and unregulated as possible. However, rude or foul language, discriminative comments (based on ethnicity, religion, gender, nationality, sexual orientation or the sort), spamming or any other offensive or inappropriate behaviour will not be tolerated. Please report any inadequate posts to the editor. Comments must be in English. Thank you.
Kind of hypocritical coming from a company that regularly produces nonsense through INDEC that doesn't reflect correctly the country’s current economic and financial situation.
I guess it's what we've come to expect from the pseudo-italiano mafiosa, naughty but hypocrisy.
This will put companies off investing in argentina and will make some even pull out of the country all together due to government interference. Jesus, i though the UK and EU had too much red tape, but argentina just takes the piss and wins by a mile when it comes to government red tape and control. Tell you what, if i had invested in argentina with my company, you would never see a single argentine on the board as am the sole owner and have no board or share holders, so would love to see them get round that one, by demanding i give them shares in my company - I don't think so, as 1 that would be illegal. I could see it now, myself on one side of the board table and the argentine government muppet on the other side, demanding a share of the company - My response would be am the sole share holder and am not fucking selling, now piss off!
And again you speak the truth as it's more evidence on why other people should not to invest in Argentina.
Reminds me of Russia and the 'opening' of the economy - until the government decided they owned the petroleum businesses after all.
Repsol are going to be out of pocket big time over this.
@7 The phone call from Spain King was basically a begathon, with him begging her not to nationalise YPF and mafia-ghoul saying she won't but then we all know she will after the investments.
I am starting to believe that she really is unhinged and the rest of her government are too weak or besotted to unseat her.
No doubt the Spanish will have something to say about it, for all the good it will do them.
Yet another trade dispute/court case for Argentina, this time with Spain who should be their natural ally because of Gibraltar.
No honour amongst thieves then.
You are rigth>uk go to jail!
I just think YPF should destroy all the assets and leave the Argentinian government with nothing.
This is one of the problems when large companies operate in backward countries. The governments of the banana-republics look at the profits of the company and start seeing “dollar signs”. Well.... here is some advice for all of the other large corporations operating inside Argentina. Leave now! Leave them with nothing. Then see how well their so called “good economy” is doing.
well I have bad news for you the.Still many large companies operates in Argentina.IBM,Glaxo,GM,Ford,VW,Scania,etc....
BTW,thye are planning to buy YPF....So..probably the Spaniards already are making a deal.
Nothing has happened. At some point, I have to say the rest of the world are cowards. All the nations of the Earth together can't stand up to Argentina. At least we have the balls to do so.
:) :) :)
i think the rest of the world knows that Argentina is attention seeking and no one really wants to negotiate with them as they know it is utterly pointless. People seem to be hoping that they will go away.
Maybe they all know that Argentina is on the point of collapse and that there will be a new regime in there soon.
And what makes you think the new “regime” will be favorable to you? My opinion of British people has not improved since coming to this board. In fact, it's turned far more negative, really. Because I thought you were more “grown up” than us. Wrong.
I have no faith that you will turn from being a set of up your own arse, demanding children to a mature democracy if a new regime is installed but its worth a try.
Frankly I dont give two fucks whether you think we are the same as you. I think your government is an utter disgrace and the rent a mob owned by the Presidents son are ltitle more than The Hitler Youth League. You may well be one of them.
i think you are a very sinister country and virtually every story I read about you is bad news.
Argentina has some great stuff going on outside the government in terms of women's rights, gay rights, culture revival, wine industry, a lot of which would show up in your “flawless” media (newspapers and the like). Just because you ignored does not make your statements of Argentina right, it simply makes you a fool.
You and your government are a totally untrustworthy nation. I think most country's are now getting this message. You renage on everything, are prepared to steal other companys to keep yourselves a float and will try every trick in the book to lie and cheat yourself to getting what you want.
Your crying and wailing over the FI is frankly embarrassing and your flag burning is cringeworthy. Do you seriously think that anyone bar Castro and Chavez, neither who have very long left it seems, think that this is the action of a stable democracy?
You are a thoroughly unpleasant country.
Nope, we are not umpleasant (except the politics).
It's just how Argentinianians are. They cannot help it.
(source: www.youtube.com/watch?v=ebYN0chFJp8)
They deserve what they get, using others to distract from their own problems,
But it will get them nowhere,
.
Trololololololol
Though admitting he is trolling in this post at least Tobias is an Argentine that acknowledges the numerous incidents with other nations that the CFK government has initiated.
However I don't think the world is bending over - I think it's more a case of bafflement at the moment. I don't think the counterparts in each instance know what to make of it and because they are so wide ranging and varied there have been no natural bedfellows combining to create a unified response.
Some of it seems so crazy that they may believe the CFK government will fall off the rails by itself without the need for international pressure.
I can't believe there are not many Argentines who are utterly embarrassed by some of it - probably not in relation to the Falklands but in many of the other cases. There seems to be a total lack of understanding of international norms and how the rest of the world interacts.
The developed world always tries to draw other nations into the fold as a first response so I imagine there are lots of diplomats running around trying to be firefighters at the moment. However I think it may reach a point where they don't bother and will act unilaterally in their own interests instead. I would expect trade wars to be the most common and likely responses where trade is the main issue. No country is going to allow Argentina to implement trade sanctions that are designed to advantage Argentina without responding in kind at some point.
The UK government often does things I find mildly embarrassing but they are very low key compared to Argentine actions which are truly off the scale at times.
If I were Argentine I'd be cringing but there don't seem to be any Argentine posters that do. It is incomprehensible to me. In the UK you get every viewpoint from every angle on a message board.
Is there any malevolent organisation from history that hasn't sent it's worst people to Argentina?
We're out of Argentina, no one in their right mind wants to go there and be harassed by the Hitler Youth group 'Le Camping'. Besides you might think I look too brown and try to push me under a train.
It's funny because the British killed nazi's whereas Argentina give them homes and immunity after the war.......
beefing up there indocrination .
Too soon ?
ni, i'm not. don't talk nonsense. how much does uk pay you to talk so many craps?
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!